nizzi results Looks promising, but may be too little too late to...

nizzi results Looks promising, but may be too little too late to make an impact.

Since the last report on the Nzizi-1 well, logging operations have been completed and pressure
measurements taken.
Good oil shows were encountered during drilling over a gross interval of approximately 180
metres, directly above basement, in a similar section to that encountered by the Mputa-1 well, 6
kilometres northeast of Nzizi-1.
Wireline logs and pressure measurements indicate an interbedded sequence of oil bearing
sands and shales. No fluid samples or testing operations were planned for this well as it was
drilled in a slimhole configuration and consequently it will now be plugged and abandoned.
The well result suggests there is scope to significantly increase the recoverable volume reported
so far for the Mputa/Waraga area, of around 30 million barrels, and hence further enhance the
potential resource base in the Albertine Basin. Studies are underway to establish a range of
development options for the existing discoveries, which allied to additional seismic currently
being acquired and future appraisal drilling, will determine ultimate commerciality.
Commenting on the Nzizi-1 result, Mr. Simon Potter, Hardman MD and CEO, said:
“The fourth discovery in four wells drilled by Hardman in Exploration Area 2 proves that the
working oil system extends over a significantly greater area, adding to the resource base
established so far this year, and providing encouragement for future exploration of the basin.”